Corn futures fell 1.9 percent to close at their lowest level since October 9 on Tuesday due to prospects for improving harvest weather around the US Midwest next week, traders said. A firm dollar, which limited prospects for US corn on the export market, also cast a bearish tone over the market.
Chicago Board of Trade December corn settled down 7-1/4 cents at $3.70-3/4 a bushel, its lowest close since finishing at $3.62-1/4 on October 9. Funds sold 8,000 lots. Spillover pressure from a 4.5-percent drop in CBOT wheat also contributed to the decline. Market found support at $3.68-1/2 to $3.71, traders said.
Corn harvest was 20 percent complete as of October 25, off the five-year average for late October of 58 percent, USDA said late on Monday. Analysts had been expecting corn harvest to be 20 to 25 percent complete. Taiwan Sugar will tender to buy 23,000 tonnes of US corn and 12,000 tonnes of US soybeans.